LONDON--(BUSINESS WIRE)--Over 85% of the UK's trucking industry leaders believe that current fuel prices are placing their business at risk, according to an international survey of 1,200 trucking industry leaders in the UK, France, US and Canada. The survey, commissioned by GE Capital Solutions - a leading global provider of financing for the commercial trucking industry - also revealed a serious driver shortage in the UK. Half of all UK trucking business leaders state a low availability of drivers, which could impact usual delivery times of goods by over 20%.
"Despite the fact that demand and volumes are growing, with 40% of UK transport businesses seeking new trucks over the next year, external factors are placing real pressure on business performance," said Sarah Sheppard, a UK Commercial Leader at GE Capital Solutions. "The trucking industry accounts for over 1.8 billion tonnes of total goods moved on the road in the UK1 and the total market is worth around £5 billion in equipment sales so is of critical importance to the UK economy. We would urge business leaders to scrutinise their financial operations to ensure that they have the best structures in place to combat these market threats and take advantage of existing growth opportunities."
Fuel price impact and alternative fuel use
The impact of fuel prices appears to be affecting the UK more severely than other markets such as USA, France and Canada, according to the survey:
Driver shortage putting pressure on delivery times
Trucking industry leaders in the UK are also struggling to keep up with demand for drivers. A fifth (21%) of businesses believed the shortage would impact their ability to deliver goods on time to existing customers. As a result, companies are aggressively seeking ways for attracting and retaining drivers:
About the GECS International Trucking Industry Study
GE Capital Solutions, conducted a survey including 1,200 interviews with owners, partners, managing directors, finance directors, directors or managers of truck operating businesses in the U.S., U.K., Canada and France. The survey was conducted by the Survey Shop using Dun & Bradstreet data. Interviews were conducted anonymously by telephone from July 24th through August 18th, 2006.
About GE Capital Solutions
GE Capital Solutions (www.ge.com/capitalsolutions) provides leasing, lending and capital investment products and services to help business customers grow. It has over USD 90 billion in assets, serves more than a million clients around the world and is headquartered in Danbury, Connecticut, USA.
Contacts
GE Commercial Finance
Communications Director, Europe
William Spiers
T. 020 7302 6454
M. 07971 276757
[email protected]
Stephen White